New Delhi: India imported a record 4.83 million barrels per day (bpd) of oil in September as several refiners resumed operations after extensive maintenance to meet rising local fuel demand.
The world's third-biggest oil importer shipped in 4.2 percent more oil last month than a year earlier and about 19 percent more than in the previous month, ship-tracking data from industry sources and Thomson Reuters Analytics showed.
"There was heavy maintenance at some refineries in July-August. All those refineries have come online, so naturally refiners will have to boost purchases to meet local demand," said Senthil Kumaran, senior analyst at energy consultant FGE.
Maintenance turnaround at some refineries led to Indian Oil Corp deferring the shutdown of its 300,000 bpd coastal Paradip refinery to April-March.
During the first nine months of the year India's oil imports rose 1.8 percent to about 4.4 million bpd, with most supplies coming from the Middle East, followed by Africa and Latin America.
Indian fuel demand typically eases in the third quarter as monsoon rains hit construction, industrial activity and reduces consumption of transport fuels. That provides refiners with an opportunity to carry out maintenance.
Capacity addition is also driving up India's oil imports.
The country added 170,000 bpd of capacity at plants owned by Bharat Petroleum Corp and HPCL-Mittal Energy, which are gradually ramping up crude runs.
India, which imports about 80 percent of its oil needs, has emerged as a key driver for growth in global oil demand.
The South Asian nation is set to surpass China as the fastest-growing oil products market in Asia, with fuel demand growing by 6.1 percent in 2018, according to a recent report by the U.S. Energy Information Administration.
FGE expects India's fuel demand to rise by about 4.5 percent this year to 4.2 million bpd and by 5.1-5.2 percent in 2018.
India is increasing refining capacity to keep pace with the expected growth in fuel demand as Prime Minister Narendra Modi seeks to boost the manufacturing sector.
Global oil majors Saudi Aramco, Rosneft, BP , Shell and Total are vying to tap a sizeable share of the fast-growing Indian fuel markets.
OPEC expects India's oil demand to rise by 150 percent to 10.1 million bpd by 2040 from about 4 million bpd.
India's fuel demand is also expected to rise in the fourth quarter because new tax rules have made two-wheelers and cars cheaper, said Kumaran.
Maruti Suzuki India has become the largest passenger vehicles exporter from India in the first half of the ongoing fiscal, dethroning Hyundai Motor India Ltd which has now been pushed to fourth spot behind Volkswagen and General Motors.
In the April-September period this fiscal, Maruti Suzuki India (MSI) exported 57,300 units of passenger vehicles (PVs) as against 54,008 units in the year-ago period, up 6 per cent, according to the latest data by Society of Indian Automobile Manufacturers (SIAM).
The long-running number one exporter, Hyundai Motor India Ltd (HMIL) on the other hand shipped 44,585 units as against 63,014 units in the year-ago period, a decline of 29.25 per cent. The company is now behind Volkswagen and General Motors India in terms of export of PVs from India.
During the first half of the fiscal, Volkswagen India exported 50,410 units at a growth of 16.92 per cent. It is now the second biggest exporter of PVs from India behind MSI. Last year, it had exported 43,114 units during the same period.
Interestingly, General Motors (GM) which had on May 18 this year decided to stop selling its vehicles in India after struggling for over two decades to make a mark, is now the third biggest exporter of PVs from the country. In the first half of the fiscal, GM exported 45,222 units as against 30,613 units in the year-ago period, a growth of 47.72 per cent.
The company exports vehicles from its manufacturing plant at Talegaon in Maharashtra. It has sold its first plant at Halol in Gujarat to MG Motor India, an arm of China’s SAIC.
Another US auto major, Ford also posted impressive growth in exports of PVs from India during the period. The company’s overseas shipments stood at 42,412 units as against 31,467 units in the same period last fiscal, up 34.78 per cent making it the fifth biggest exporter from India.
Nissan Motor India, which was the third biggest exporter last year saw its overseas shipments during the first half of the fiscal decline by 37.11 per cent to 30,872 units from 49,091 units in the same period last fiscal. It now occupies the sixth spot.
Source: Business Line
DAHEJ: The Indian economy's fundamentals are strong and the economy is headed in the right direction, Prime Minister Narendra Modi said on Sunday.
The Prime Minister said this at a public rally after dedicating a ferry service from Ghogha in Bhavnagar to Dahej in South Gujarat.
"Despite strict initiatives, the country's economy is on track and in the right direction," Modi said.He said the foreign exchange reserves had shot up from $30,000 crore to $40,000 crore.
Modi said many economists too were saying that the fundamentals of the country's economy were strong. He added that his government had taken several steps to boost the economy.
Modi said the Goods and Services Tax (GST) had made transportation seamless, helping save thousands of crore as now trucks need not stop at tax booths.
"A truck that used to take five days now takes three. So much money is being saved in fuel cost and even money going to corrupt hands. Tell me, will all those who used to benefit from the old system not get angry with Modi or not?"The Prime Minister again tried to pacify the trade and business community, stating that his government was not interested in retrospective inspection or audit of their business.
"For the section that is coming into the mainstream with honesty, I want to assure them that no official would be given the right to harass them," he added.
India’s dream for high horse power locomotive moved closer to reality with the arrival of the first bodyshell of 12000 HP loco from Alstom France at Kolkata port on Wednesday.
This first-of-its-kind high-power electric locomotive will be used to haul freight trains at twice the existing speed by next year.
The bodyshell for the fleet of the twin-section electric locomotives which Alstom is to supply to Indian Railways was unloaded at Haldia, ready for delivery to the factory at Madhepura where it will be assembled.In November 2015, the public transporter inked a contract with the French company to manufacture 800 such train engines over the next 11 years in a joint venture at the Madhepura locomotive factory in Bihar.
This is the first major FDI (Foreign Direct Investment) project in the rail sector.
The first such locomotive, estimated to cost about Rs 30 crore, will be assembled with components brought in from Alstom’s factories in France and will have its trial run by February next year.The contract allows for the first five locomotives to be imported, but the remaining 795 are to be manufactured locally in support of the government’s Make in India campaign.
The total contract is worth above three billion euro. This project includes the set-up of a plant at Madhepura (Bihar state) and two maintenance depots at Saharanpur (Uttar Pradesh state)and Nagpur (Maharashtra state). The delivery of the locomotives will spread between 2018 and 2028.
The locomotive will run at a speed up to 120 km/h.
The Railways is currently using 6,000HP locomotives for freight services. The increase in speed would also result in improving line capacity in the rail network, a railway official said.
As per schedule, 35 locomotives would be rolled out from the factory by 2020, 60 in 2021, followed by 100 every year till the target of 800 is completed.+